summary
Introduced
01/09/2024
01/09/2024
In Committee
01/09/2024
01/09/2024
Crossed Over
Passed
Dead
01/12/2026
01/12/2026
Introduced Session
2024-2025 Regular Session
Bill Summary
This bill exempts certain veterans of the Armed Forces of the United States or the National Guard of New Jersey from the gross income tax. To qualify for the exemption, a veteran must: (1) be honorably discharged or released under honorable circumstances from active duty in the Armed Forces of the United States, a reserve component thereof, or the National Guard of New Jersey in a federal active duty status; and (2) have gross income of $50,000 or less.
AI Summary
This bill exempts certain veterans from paying New Jersey's gross income tax, which is a tax on income earned by individuals. To qualify for this exemption, a veteran must have been honorably discharged or released from active duty in the U.S. Armed Forces, a reserve component, or the New Jersey National Guard when serving in a federal active duty status, and they must also have a gross income, meaning their total income before deductions, of $50,000 or less. This exemption will apply to taxable years starting from January 1st of the year following when the bill becomes law.
Committee Categories
Military Affairs and Security
Sponsors (2)
Last Action
Introduced in the Senate, Referred to Senate Military and Veterans' Affairs Committee (on 01/09/2024)
Official Document
bill text
bill summary
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bill summary
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bill summary
| Document Type | Source Location |
|---|---|
| State Bill Page | https://www.njleg.state.nj.us/bill-search/2024/S868 |
| BillText | https://pub.njleg.gov/Bills/2026/S1000/868_I1.HTM |
| BillText | https://pub.njleg.gov/Bills/2024/S1000/868_I1.HTM |
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